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E-tax is obsolete this year

Discussion in 'Property Finance' started by bricksmaker, 6th Jun, 2016.

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  1. bricksmaker

    bricksmaker Member

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    Just came across an article in the media saying that E-tax software is obsolete this year. The ATO is replacing it with a web based system myTax. So investors can use that if they lodge their own returns.
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  2. York

    York Finance Broker Business Member

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    Although the majority of people in Australia may have simple tax returns that are purely PAYG type returns, i would not be trying to do my own tax return if i have several IPs and/or other investments. The probability of missing/incorrectly calculating something important is high. Trying to apply the relevant tax law in anything more than a basic PAYG return will likely end in disaster and costly professional fees in addition to rectify.
     
    Corey Batt likes this.
  3. Yson

    Yson Well-Known Member

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    I agreed as just too complicated
     
  4. ff3

    ff3 Member

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    It's going to be interesting. I did use MyTax last year and found it very handy although the inability to roll over any data from eTax is a massive disadvantage.

    Would probably just lodge via an agent if it's complex. Needs to develop a bit more.
     
  5. albanga

    albanga Well-Known Member

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    Even if your simple PAYG I would still reccommend going to an accountant.
    I speak to so many people who complain of poor returns who have done it themselves, when questioned they have missed several deductions they were entitled to make.

    It's like so much in life where people prefer to go it alone thinking it will save money but in essence it costs them money and TIME.
     
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  6. marty998

    marty998 Well-Known Member

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    Very disappointed that eTax is dead... I found it easy and simple to use.

    Will be interesting to see the reaction in July when more people start looking into it.
     
    Perthguy likes this.
  7. Big Will

    Big Will Well-Known Member

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    I agree most people look at the 'cost' and not the return.

    Like with nearly everything in life, you get what you pay for.

    You can walk for free or you can buy a your own personal jet, both will get you from a - b just different times and different costs. You need to find one that you are comfortable with and that is cost effective for your needs.

    Spending $10,000 on an accountant to do a tax return as a PAYG over paying however if you have numerous properties, businesses, shares, managed funds, SMSF, insurance, depreciating assets etc etc then $10,000 maybe more viable than yourself or a $100 shopping centre pop up tax return specialist.
     
  8. devank

    devank Look, lets just get on with this, ok? Premium Member

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    You learn a lot when you do your own tax. It can make you aware of many things you can claim next year.
     
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  9. mja

    mja Well-Known Member

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    eTax is obsolete? Good. It was awful software; I started using it in 2000, and it needed a Windows PC. It's the only reason I kept a Windows VM around.
     
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  10. bob shovel

    bob shovel Well-Known Member

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    Yep worth while for sure. You can understand how easy the accounts have it, they're basically data enterists :p
    You could do a fancy course and pay a few grand or diy your tax and lose a few grand and learn the same thing!

    I used to diy with one ip for a couple of years, I'm ok with the fact i didn't know what a depreciation report was :D it gave me a good understanding and didn't miss that much else
     
  11. marty998

    marty998 Well-Known Member

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    Just completed myTax this year. Nice little refund due :)

    It's not that difficult... I just couldn't figure out at the end how to export the lodged return to pdf (not sure it has that functionality).
     
  12. Casteller

    Casteller Well-Known Member

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    man this myGov myTax thing is crap, failed to import any of my old data or dividends so now I have to do it all manually (only 1 week to go also)

    eTax was good.

    edit... it now is unable to save entered data. I will ring them and ask for a few months extension until they can fix this crap.
     
    Last edited: 20th Oct, 2016
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  13. Depreciator

    Depreciator Moderator Staff Member

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    We get a couple of calls a week from people doing their own tax return. They want to be walked through how to enter depreciation stuff. I said to the bloke yesterday, 'Don't forget to claim our fee as a deduction.' He said, 'Oh. Can I do that?' I said, 'Pete, I reckon it's time you got yourself an accountant.'
     
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  14. Perthguy

    Perthguy Well-Known Member

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    Gees, you are right! These people are effectively robbing themselves.